Supreme Court Financial News

SVB). The collapse of these banks caused widespread concern in financial markets as industry experts still assess the impact on the crypto ecosystem. That said, the banks failed because of their risk-hedging practices rather than their association with crypto. The support from the US Fed has meant that the markets expect them to pivot sooner (i.e., stop increasing interest rates). Bitcoin (BTC) has rallied well this week because of this expectation. We believe there are two important aspects that need to be examined in this context — provision of good banking services to crypto entities and the importance of decentralised finance (DeFi).Banking is a right for compliant platformsSVB was one of the primary lenders for unicorns, startups, and tech companies. Reliable reports suggested that it held $5 billion-worth of assets of prominent crypto firms.

In the Nov. 5 races, 48 out of 48 candidates backed by crypto’s biggest political action committees were declared winners as of midday Friday morning. In eight races where votes are still being counted, the PACs’ preferred candidate is ahead in all but three.

A critical Supreme Court case and its ruling could redefine the taxation of digital assets. Intersecting with the vexed IRS broker rule announced earlier, this case may potentially reshape crypto tax reporting and compliance on a fundamental level.

Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as «clear danger» and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset. In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention.

Supreme Court on Friday asked the Centre to make its stand clear on whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not. A bench of Justices DY Chandrachud and Surya Kant, which was dealing with a case related to the quashing of multiple FIRs registered against one Ajay Bhardwaj and others for allegedly duping investors across India by inducing them to trade in Bitcoin and assuring them high returns, said that the accused were booked for their involvement in Bitcoin trade. The bench told Additional Solicitor General Aishwarya Bhati, appearing for Centre and Enforcement Directorate, «We want you to tell us on affidavit whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not? What is the regime for Bitcoin trade at present?» Bhati said she would file an affidavit on the legality of the cryptocurrency trade and added that the accused, who is seeking quashing of proceedings, has not been cooperating with the investigating agency after being granted bail by the court in 2019.

New Delhi: The Supreme Court on Friday sought clarity from the government on the legal status of Bitcoin in the country, days after the finance minister taxed crypto trading transactions at 30 per cent. The issue cropped up in a criminal case where the accused is facing charges of defrauding people in a crypto-currency scam. A bench led by Justice D.Y. Chandrachud granted him interim protection from arrest till the next hearing but sought more clarity on the legal status of crypto currency.

The Supreme Court on Friday asked the Centre to make its stand clear on whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not.

The matter was in connection with "GainBitcoin" scam.

WikiLeaks founder Julian Assange's legal defence saw bids reach more than $50 million on Wednesday. Assange is battling extradition from Britain to the United States where the authorities want him to face trial on 18 criminal charges including breaking a spying law, after WikiLeaks began to publish thousands of secret classified files and diplomatic cables in 2010. Last month, Assange, who remains in a London prison, was given the chance to challenge approval of his extradition at Britain's highest court. The Supreme Court will now decide whether or not to hear his case.